Perhaps one of your many new year’s resolutions was to buy a house, well that is still possible considering the many house options to choose from. One popular house option that has plunged the property industry is a condo. It’s a housing option that has re-defined the concept of homeownership for many people. However, finding a house that meets your specific preferences is often an overwhelming experience. In fact, 52% of home buyers have indicated that the most difficult part of owning a property is finding the right one. If you’re looking to buy a condo, here are some of the important factors to consider.
1.Responsibility
A key selling point for condos and an advantage of buying a house is the idea of sharing responsibilities. Some of these obligations include insurance, repair and maintenance. For major repairs and upgrade projects like exterior windows, sliding and roof replacement, most condo communities have associations to take care of that. Also, make sure you understand the condominium declaration given by a realtor. This is what defines your responsibilities and those of the association.
2.Insurance
Condo Insurance Master Policy Cover has allowed condo owners to secure insurance at lower rates since it covers a significant part of the home’s structure. Something that is unlikely if you are buying a house in single-family dwellings. But again this will all be determined by the type of master policy the condo association is subscribed to. Review the association’s policy gauge to see if you’ll be getting a raw insurance deal.
If you are buying your first home, it’s highly advisable to consult with a neutral real estate agent who’s not working for any insurance company. This person can offer you unbiased insurance advise and help you find condominium with convenient and affordable insurance rates.
3.Cost
How affordable is a condo? When choosing between living in a condo community and single-family dwelling, condos are often more affordable and budget-friendly housing options. Of course, home for sale condos in different areas will likely to vary in prices due to factors such as location, size, and current market value.
4.Association rules
Alongside the share responsibilities, living a condominium community demands you to follow a set of association rules. You are expected to adhere to certain precepts that encourage harmonious living with other residents. The rules cover everything from waste disposal, noise, pet rules, and visitors policy.
The process of buying a house, whether it’s a single-family dwelling or a condo community can be a frustrating one. But with these factors in mind, you can make an informed decision on condo living.